... ATLANTA Nov. 10 /- GeoVax Labs Inc. (OTC...Robert McNally GeoVax's President and CEO commented We are verypl...Financial Results for the Three Months and Nine Months Ended September...The Company recorded a net loss of $722108 for the three months ended...

Robert McNally, GeoVax's President and CEO, commented, "We are very
pleased with the progress we've made during the third quarter of 2008 and
for the year so far, as we've taken steps to address both short-term and
long-term goals. We made a shipment of the vaccine to the HIV Vaccine
Trials Network during October, which is a significant step in preparation
for the largest clinical trial yet to be undertaken by GeoVax and we look
forward to HVTN's initiation of the Phase 2a trial later this year. We are
also nearing completion of a license with Vivalis S.A., a French
biopharmaceutical company, for manufacturing platform technology for the
MVA portion of our vaccine that we anticipate will significantly improve
the long-term production capabilities for the vaccine."

Financial Results for the Three Months and Nine Months Ended September
30, 2008

The Company recorded a net loss of $722,108 for the three months ended
September 30, 2008, compared to $1,165,519 for the same period in 2007. For
the nine months ended September 30, 2008, the Company's net loss was
$2,688,970 as compared to $3,085,926 in 2007. Net losses for 2008 were
partially offset by grant revenues of $1,322,502 and $2,298,571 for the
three month and nine month periods, respectively, related to the Company's
grant from the National Institutes of Health (NIH) in support of its
HIV/AIDS vaccine development activities. As of September 30, 2008, the
Company reported cash balances totaling $2,784,706.

Summarized financial information is attached. Further information
concerning the Company's financial position and results of operations are
included in its Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission.

Third Quarter Operational Highlights:

* On October 22, 2008, Dr. Robert McNally, GeoVax's President and CEO,

Dr. Harriet Robinson, the developer of the vaccine and GeoVax's Vice
President of Research and Development, also presented these same results at
the Viral Vector Vaccines 2008 meeting, at the Wellcome Trust Conference
Center near Cambridge, UK, on September 28, 2008.

* In August 2008, GeoVax announced the appointment of Mr. Peter

Tsolinas to its Board of Directors. Mr. Tsolinas also was

subsequently appointed to membership on GeoVax's Audit Committee and

Compensation Committee. Mr. Tsolinas currently serves as Chairman

and CEO of TMA Group Development Corp., a Chicago-based real estate,

architectural and development firm.

* In July 2008, GeoVax and Vivalis S.A., a French biopharmaceutical

company that provides innovative cell-based solutions to the

pharmaceutical industry for the manufacture of vaccines and

proteins, jointly announced the signing of a letter of intent for

joint collaboration and commercial license on the use of Vivalis'

EBx(R) technology, to manufacture the MVA component of GeoVax's

HIV-1 vaccine. The breakthrough manufacturing technology developed

by Vivalis, through further development collaboration with GeoVax,

will create a new standard for manufacture of the MVA component of

GeoVax's HIV/AIDS vaccine. Vivalis' EBx(R) manufacturing platform,

with its increased effectiveness, superior quality and reliability,

is expected to better provide for MVA vaccine product availability

in ample quantities to meet sizeable demand and at a lesser cost.

Vivalis' vaccine manufacturing technology is based on a duck

embryonic stem cell substrate platform. Specifically, the EB66(R)

cell line provides continuous growth from a fully characterized

frozen cell bank, without necessitating fertilized embryo extraction

and processing, as with present chicken cell based technologies.

Furthermore, the EB66(R) cell line can be grown in suspension

(without the cells attached to the surface of the growth vessel) and

can be scaled up for growth in large bioreactors for commercial-

scale production of the MVA viral vaccine. The details of the final

license agreement between the parties are being negotiated and

GeoVax expects the final agreement to be executed before the end of

the year.

"On the financing front," Dr. McNally noted, "we are pleased with the
financing strategy provided by the $10 million common stock purchase
agreement with Fusion Capital Fund II, LLC, from which we are drawing in a
judicious manner, and we are also benefiting greatly from government
support in two ways -- from both the 5 year $15 million grant
(approximately $3 million awarded annually) initially awarded in October
2007 by the National Institutes of Health, and also from ongoing clinical
trial support provided by the HVTN."

Dr. McNally concluded, "We believe we are well-positioned for success
in 2009 and beyond, with our preventative vaccine beginning Phase 2 human
testing and our therapeutic vaccine trial in the planning stage. Based on
highly promising results in preclinical non-human primate studies conducted
by Dr. Rama Amara at Emory University, we are eager to launch a therapeutic
Phase 1/2 human clinical trial in individuals already infected with HIV to
investigate the use of our vaccine as a therapeutic treatment to control
HIV-virus levels. We expect this trial may start in mid-2009 and we will
report on the development of this program as we conclude plans with our
trial sponsor."

GEOVAX LABS, INC.

Condensed Consolidated Statements of Operations Information

(amounts in thousands, except per share data)

(unaudited)

Three Months Ended Nine Months Ended

September 30, September 30,

2008 2007 2008 2007

Revenues:

Grant Revenue $1,322 $- $2,298 $-

Operating expenses:

Research and

development 1,362 360 2,725 1,273

General and

administrative 699 815 2,322 1,865

2,061 1,175 5,047 3,138

Other income:

Interest income 17 9 60 52

17 9 60 52

Net loss $(722) $(1,166) $(2,689) $(3,086)

Loss per common share $(0.00) $(0.00) $(0.00) $(0.00)

GEOVAX LABS, INC.

Condensed Consolidated Balance Sheet Information

(amounts in thousands)

(unaudited)

Sep. 30, Dec. 31,

2008 2007

Assets:

Cash and cash equivalents $2,785 $1,990

Other current assets 578 1,041

Total current assets 3,363 3,031

Property, net 127 75

Other assets 368 140

Total assets $3,858 $3,246

Liabilities and stockholders' equity

Current liabilities $516 $598

Stockholders' equity 3,342 2,648

Total liabilities and stockholders' equity $3,858 $3,246

Shares Outstanding 743,415 731,628

About GeoVax Labs, Inc.

GeoVax Labs, Inc. is a biotechnology company, established to develop,
manufacture, license and commercialize human vaccines for diseases caused
by HIV-1 (Human Immunodeficiency Virus) and other infectious agents.
GeoVax's HIV/AIDS vaccine technology is the subject of 20 issued or filed
patent applications. GeoVax HIV/AIDS vaccines are designed for use in
uninfected people to prevent Acquired Immunodeficiency Disease (AIDS),
caused by the virus known as HIV-1, should the person ever become infected.
GeoVax HIV/AIDS vaccines also may be effective as therapeutics (treatment
of people already infected with AIDS virus). Studies evaluating these
vaccines in HIV/AIDS infected individuals are in the planning stage.

GeoVax's core HIV/AIDS vaccine technologies were developed through a
collaboration of colleagues at Emory University's Vaccine Center, the
National Institutes of Health (NIH), The Centers for Disease Control and
Prevention (CDC) and the GeoVax team.

GeoVax HIV/AIDS vaccines have moved forward in human clinical trials
conducted by the HIV Vaccine Trials Network (HVTN) based in Seattle,
Washington. The HVTN, funded through a cooperative agreement with the
National Institutes of Health (NIH), is the largest worldwide clinical
trials program dedicated to the development and testing of HIV/AIDS
vaccines. Preclinical work enabling evaluation of GeoVax DNA and MVA
vaccines was funded and supported by NIAID, which provided additional
support to GeoVax AIDS vaccine development program with a $15 million
IPCAVD grant awarded in late 2007. http://www.geovax.com

Safe Harbor Statement: All statements in this news release, not
statements of historical fact, are forward-looking statements. These
statements are based on expectations and assumptions as of the date of this
press release and are subject to numerous risks and uncertainties which
could cause actual results to differ materially from those described in the
forward-looking statements. Risks and uncertainties include, but are not
limited to, whether; GeoVax can develop and manufacture these vaccines with
the desired characteristics in a timely manner, GeoVax's vaccines will be
determined to be safe for use in humans, GeoVax's vaccines will be
effective in preventing AIDS in humans, the vaccines will receive the
regulatory approvals necessary to be licensed and marketed, GeoVax can
raise the required capital to complete development of its vaccines, there
is development of competitive products that may be more effective or easier
to use than GeoVax's products, and other factors over which GeoVax has no
control. GeoVax assumes no obligation to update these forward-looking
statements, and does not intend to do so. Certain matters discussed in this
news release are forward looking statements involving certain risks and
uncertainties including, without limitations, risks detailed in the
Companies Securities and Exchange Commission filings and reports

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